Ugly Duckling has developed its own software – what we call Robots – to help automate the processing of large amounts of data. Our Robots can be used to remove risk and effort from the work associated with data processing. They can also be used to collect data on data, which is essential during a transition towards Lean financial engineering.
Many banks rely heavily on spreadsheets. Because their teams work in silos, often not speaking to their counterparts in other departments, spreadsheets are duplicated, values are copy and pasted, and in the end they stop being helpful and become a substantial operational risk. (Changes to these sheets are known as ‘fixes that fail’.)
Ugly Duckling’s Robot technology is used to replace the human analysts. For example, an analyst may check a directory to see if their raw data has arrived. Once it has arrived, the analyst checks it, possibly filters it, before sending an email with a report in attached. Ugly Duckling’s Robots can monitor directories, filter spread sheets, collect quality metrics and send emails in less time than it takes an (expensive) analyst to grab a cup of coffee.
Ugly Duckling’s Robot Technology is used to counteract the square law of spreadsheets, which is often the first step towards a more agile enterprise.